On-Site Coverage: Social Networking Brings 'Power to the People'

LAS VEGAS -- By now, it's probably safe to say that the credit union industry is getting the message that engaging in some form of social media is essential to keep up with members.

"Whoever has the data wins. It has come down to that," said John Fish, global director of strategy and innovation at AstraZeneca. "It's now about how do I listen and learn."

Speaking at a morning session today at NACUSO's annual conference, Fish said it is "a perfect storm" for CUs to embrace social media on so many levels. The grass roots movement against banks encouraging customers to move their money is one example of that timing. This is the optimal time for the industry to prove the benefits of membership and advocacy, he said. And, it's not just about appealing to mainly to Generation Y. The fastest growing Facebook users are 55-65-year old females.

"Banks can never own the space 'we the people, for the people, by the people,'" Fish said. "The challenge is can [credit unions] be authenticated."

Fish showed several visuals of CU sites that have Facebook pages and suggested posts be more than announcing a new product or service. By posing a question, more members are likely to share their unique experiences.

"At the end of the day, it's about message in, message out. Who are the members we need to go after and what will be of value for them."